Reliance Industries Limited RIL, India's largest listed company by market capitalisation, yesterday raised Rs13.88 billion $658 million from the sale of treasury shares. The deal, which was launched on Wednesday evening and completed before the Indian market opened yesterday, was upsized by 50% to make the most of the available demand.
The company, which is controlled by Mukesh Ambani, didn't say what it would use the money for, but analysts speculate that it may be building up a war chest for overseas acquisitions as returns from its domestic oil and gas field have been stagnating. Aside from exploration, the company also owns downstream refining and petrochemical chemical plants.
RIL's share price has also...
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